Sec Form 4 Filing - CHILA DIEGO A @ SUN BANCORP INC /NJ/ - 2009-12-31

Insider filing report for Changes in Beneficial Ownership
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FORM 4
Check this box if no longer subject to Section 16. Form 4 or Form 5 obligations may continue. See Instruction 1(b).
UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP
Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934, Section 17(a) of the Public Utility Holding Company Act of 1935 or Section 30(h) of the Investment Company Act of 1940
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1. Name and Address of Reporting Person
CHILA DIEGO A
2. Issuer Name and Ticker or Trading Symbol
SUN BANCORP INC /NJ/ [ SNBC]
5. Relationship of Reporting Person(s) to Issuer
(Check all applicable)
_____ Director _____ 10% Owner
X __ Officer (give title below) _____ Other (specify below)
EVP, Chief Financial Officer
(Last) (First) (Middle)
226 LANDIS AVENUE
3. Date of Earliest Transaction (MM/DD/YY)
12/31/2009
(Street)
VINELAND, NJ08360
4. If Amendment, Date Original Filed (MM/DD/YY)
6. Individual or Joint/Group Filing (Check Applicable Line)
__ X __ Form filed by One Reporting Person
_____ Form filed by More than One Reporting Person
(City) (State) (Zip)
Table I - Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned
1.Title of Security
(Instr. 3)
2. Transaction Date (MM/DD/YY) 2A. Deemed Execution Date, if any (MM/DD/YY) 3. Transaction Code
(Instr. 8)
4. Securities Acquired (A) or Disposed of (D)
(Instr. 3, 4 and 5)
5. Amount of Securities Beneficially Owned Following Reported Transaction(s)
(Instr. 3 and 4)
6. Ownership Form: Direct (D) or Indirect (I)
(Instr. 4)
7. Nature of Indirect Beneficial Ownership
(Instr. 4)
Code V Amount (A) or (D) Price
Common Stock 12/31/2009 J( 1 ) 1,994 A $ 3.75 18,480 D
Common Stock 12/31/2009 J( 1 ) 2,008 A $ 3.75 20,488 D
Common Stock 12/31/2009 F 1,338 D $ 3.75 19,150 D
Common Stock 12/31/2009 A V 1,448 A 8,821 I 401(k)
Common Stock 12/31/2009 J( 1 ) 1,994 D $ 3.75 2,564 I Stock Plan
Common Stock 12/31/2009 J( 3 ) 2,564 D $ 3.75 0 I Stock Plan
Common Stock 12/31/2009 J( 1 ) 2,008 D $ 3.75 7,633 I Stock Plan '09
Common Stock 12/31/2009 J( 3 ) 7,633 D $ 3.75 0 I Stock Plan '09
Common Stock 4,018 I by IRA
Table II - Derivative Securities Acquired, Disposed of, or Beneficially Owned
( e.g. , puts, calls, warrants, options, convertible securities)
1. Title of Derivative Security
(Instr. 3)
2. Conversion or Exercise Price of Derivative Security 3. Transaction Date (MM/DD/YY) 3A. Deemed Execution Date, if any (MM/DD/YY) 4. Transaction Code
(Instr. 8)
5. Number of Derivative Securities Acquired (A) or Disposed of (D)
(Instr. 3, 4, and 5)
6. Date Exercisable and Expiration Date
(MM/DD/YY)
7. Title and Amount of Underlying Securities
(Instr. 3 and 4)
8. Price of Derivative Security
(Instr. 5)
9. Number of Derivative Securities Beneficially Owned Following Reported Transaction(s)
(Instr. 4)
10. Ownership Form of Derivative Security: Direct (D) or Indirect (I)
(Instr. 4)
11. Nature of Indirect Beneficial Ownership
(Instr. 4)
Code V (A) (D) Date Exercisable Expiration Date Title Amount or Number of Shares
Incentive Stock Option (right to buy) $ 4.3 04/10/2001 04/10/2010 Common Stock 8,142 8,142 D
Incentive Stock Option (right to buy) $ 4.84 12/21/2001 12/21/2010 Common Stock 7,755 7,755 D
Incentive Stock Option (right to buy) $ 8.09 07/24/2002 01/24/2012 Common Stock 57,332 57,332 D
Incentive Stock Option (right to buy) $ 14.7 12/31/2009 J( 3 ) 4,410 07/19/2010 07/19/2017 Common Stock 4,410 $ 14.7 8,820 D
Non-Qualified Stock Option (right to buy) $ 8.09 07/24/2004 01/24/2012 Common Stock 90,411 90,411 D
Reporting Owners
Reporting Owner Name / Address Relationships
Director 10% Owner Officer Other
CHILA DIEGO A
226 LANDIS AVENUE
VINELAND, NJ08360
EVP, Chief Financial Officer
Signatures
/s/ Dan A. Chila 01/05/2010
Signature of Reporting Person Date
Explanation of Responses:
( 1 )Vesting of stock award.
( 2 )Various.
( 3 )Forfeiture upon separation of employment.

Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.
* If the form is filed by more than one reporting person, see Instruction 4(b)(v).
** Intentional misstatements or omissions of facts constitute Federal Criminal Violations. See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a).

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